School District of Waukesha Course Syllabus Curriculum Area: Business Education Course Title: Accounting I Prerequisites: None Course Length: Year Course #: 4004 Date Last Revised: June 2009 Stage 1: Desired Results Course Description and Purpose: WCTC Transcripted (Dual) Credit Accounting the Language of Business. Success in the business world begins with an understanding of Accounting. Learn the basic accounting procedures including preparing financial reports for starting, running, and managing a business. If you have plans to attend college to pursue a degree in any area of business (Marketing, Administration, Management, Finance, Law, etc.), this course is for you! The field of Accounting has a positive career outlook through 2014. This course is required for an accounting position as part of the Business Internship Program. Plus, successful completion could earn you four WCTC credits which are transferable to four-year universities! Enduring Understanding(s): The accounting equation keeps business records in balance (assets = liabilities + owner s equity). Debits and credits are used in a double-entry accounting system to record each day s transactions. Accounting has a cycle of steps that takes a business through a fiscal period. Accounting produces financial statements which are essential for making business decisions based on generally accepted accounting principles. Accounting procedures are handled differently for a proprietorship versus corporation and for a service business versus merchandising business. Businesses need to account for the uncollectible receivables. Essential Question(s): What is the outlook for careers in accounting? Why is an understanding of accounting important for business majors? Why is accounting considered the language of business, and how do the generally accepted accounting principles apply? How do different types of businesses record their dayto-day transactions? What financial statements are required to determine the profit or loss and business worth? How are accounting procedures different for service and merchandising businesses? What is the difference between using the direct writeoff method versus the allowance method of accounting for uncollectible receivables?
Learning Targets: Quarter 1, Unit 1, Chapters 1 & 2 Discuss and understand the importance of a business and the role of professional ethics and legal responsibilities. (ESS08) Summarize the development of accounting principles (Generally Accepted Accounting Principles) and relate them to practice. Classify each element of the basic accounting equation. Differentiate how business transactions are recorded and the resulting change to the basic elements of the accounting equation. Produce the financial statements of a proprietorship and explain how they interrelate. Use technology to maintain, manipulate, report, and analyze financial information Analyze the effect of transactions on accounts as part of the journalizing process. Transfer general journal transactions to the ledger by posting. Discover errors by preparing a trial balance. Investigate careers in accounting as well as non-accounting careers that require knowledge of accounting. Quarter 2, Unit 2, Chapters 3 & 4 Summarize the adjustment process necessary to update accounts and produce the required journal entries. Compare the flow of accounting information from the unadjusted to the adjusted trial balance. Generate financial statements and closing entries from adjusted account balances. Demonstrate the steps of the accounting cycle for one period. Differentiate what is meant by the fiscal year versus the natural business year. Quarter 3, Unit 3, Chapter 5 Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals. Apply computerized accounting to the revenue and collection cycle. Create an accounting system to meet the specific needs of a business. Unit 4, Chapter 6 Contrast between the activities and financial statements of service and merchandise businesses Produce the financial statements of a merchandising business. Apply the accounting for merchandise transactions including sale of merchandising, purchase of merchandise, transportation costs, and sales taxes. Generate the adjusting and closing entries for a merchandising business. Quarter 4, Unit 5, Chapter 7 Examine the importance of control over inventory Compare and contrast three inventory costing methods (FIFO, LIFO, and weighted average) and how they impact the income statement and balance sheet. Determine the cost of inventory under the perpetual and periodic inventory system, using the FIFO, LIFO,
and average cost methods. Illustrate the reporting of merchandise inventory in the financial statements. Estimate the cost of inventory, using the retail method and the gross profit method. Unit 5, Chapter 8 Investigate the Sarbanes-Oxley Act of 2002 and its impact on internal controls and financial reporting. Analzye and illustrate the application of internal controls for cash. Examine the nature of a bank account including a bank reconciliation and its use in controlling cash. Implement the accounting for special-purpose cash funds including petty cash and change funds. Unit 6, Chapter 9 Compare the direct write-off and allowance methods of account for uncollectible accounts. Report the effect of the uncollectible receivables on the balance sheet and income statement. Related Standards: Math: Explain solutions to problems clearly and logically in oral and written work and support solutions with evidence A.12.1 Use reason and logic to evaluate information perceive patterns identify relationships formulate questions, pose problems, and make and test conjectures pursue ideas that lead to further understanding and deeper insight A.12.6 Read and understand mathematical texts and other instructional materials writing about mathematics (e.g., articles in journals) mathematical ideas as they are used in other contexts State Standards URL = http://www.dpi.state.wi.us/dpi/oea/standrds.html Business Management and Administration Career Cluster Cluster Knowledge and Skill Statements Essential Topics ACADEMIC FOUNDATIONS: Achieve additional academic knowledge and skills required to pursue the full range of career and postsecondary education opportunities within a career cluster. COMMUNICATIONS: Use oral and written communication skills in creating, expressing and interpreting information and ideas including technical terminology and information.
PROBLEM-SOLVING AND CRITICAL THINKING: Solve problems using critical thinking skills (analyze, synthesize, and evaluate) independently and in teams. Solve problems using creativity and innovation. INFORMATION TECHNOLOGY APPLICATIONS: Use information technology tools specific to the career cluster to access, manage, integrate, and create information. ETHICS AND LEGAL RESPONSIBILITIES: Know and understand the importance of professional ethics and legal responsibilities. EMPLOYABILITY AND CAREER DEVELOPMENT: Know and understand the importance of employability skills. Explore, plan, and effectively manage careers. Know and understand the importance of entrepreneurship skills. TECHNICAL SKILLS: Use the technical knowledge and skills required to pursue the targeted careers for all pathways in the career cluster, including knowledge of design, operation, and maintenance of technological systems critical to the career cluster. www.careerclusters.org, 2008 copyright Stage 2 : Assessment Evidence Performance Assessment(s): Chapter Tests and Unit Tests (seven in all) are the common assessments with WCTC. Grading Procedures: Per Quarter: 2/3 Test average 1/3 Assignments and daily work Per Semester: 50% each quarter grade Final grade is reported to WCTC as for dual credit. Other Assessment(s): Workbook/computer activities are graded for completion and accuracy Homework, Study Skills Activities, Electronic Problems, Continuing Problems, Special Activities (Career Opportunities, SA 2-6, SA 7-6), Comprehensive Projects Attach course common assessment. Stage 3 : Learning Plan Accounting I Course Outline (Approximate Course Timing and Topics) Unit I Chapters 1 and 2 9 weeks
Chapter 1: Introduction to Accounting and Business Chapter 2: Analyzing Transactions Unit II Chapters 3 & 4 9 weeks Chapter 3: The Adjusting Process Chapter 4: Completing the Accounting Cycle Unit III Chapter 5: Accounting Systems 3 weeks Unit IV Chapter 6: Accounting for Merchandising Businesses 5 weeks Unit V Chapter 7: Inventories 5 weeks Unit VI Chapter 8: Sarbanes-Oxley, Internal Control & Cash 2 weeks Unit VII Chapter 9: Receivables 3 weeks